IV 

113TH CONGRESS 

2D SESSION H. RES. 496 

Recognizing the importance of savings to financial security. 

IN THE HOUSE OF REPRESENTATIVES 

FEBRUARY 28, 2014 

Mr. HINOJOSA (for himself and Mr. STIVERS) submitted the following 

resolution; which was referred to the Committee on Financial Services 

RESOLUTION 

Recognizing the importance of savings to financial security. 

Whereas financial security is one of the most important 

issues for most Americans whether it involves saving 

enough for their children’s college education, saving for 

an unforeseen emergency, a house, or their retirement; 

Whereas personal savings as a percentage of disposable income reached a 12-month average of 4.5 percent in 2013, 

according to Bureau of Economic Analysis data; 

Whereas student loans outstanding have reached over one 

trillion dollars, and are hindering young people across 

America from purchasing their first home; 

Whereas 49.5 percent of American families reported they did 

not save in 2010, according to the 2012 Federal Reserve 

Board’s Survey of Consumer Finances, which also found 


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•HRES 496 IH 

that less than half of the population has a savings account or one month of savings or liquid assets; 

Whereas a 2013 Survey by the Employee Benefit Research 

Institute found that there are ‘‘savers’’ and ‘‘spenders’’ 

in all income classes and almost all have the ability to 

build wealth through contributions to a workplace retirement program, building home equity, and other savings; 

Whereas older Americans are more likely to live within 200 

percent of poverty than any other age group, according 

to the 2010 Employee Benefit Research Institute’s 

Databook, and more than 90 percent of the current elderly population relies on Social Security for over three 

fourths of their annual income according to a 2013 Social 

Security Administration report on Income of the Elderly 

over Age 65, 2013, and the average savings of retirees 

remains at $50,000 per according to the Employee Benefit Research Institute for 2012, and the current financial crisis is draining those funds; 

Whereas America Saves, managed by the Consumer Federation of America, was established 13 years ago as an annual nationwide campaign that encourages consumers, especially lower-income households, to pledge to save and 

establish a personal savings goal in an effort to build personal wealth and enhance financial security; 

Whereas America Saves now has 53 local, State and national 

campaigns working with over 500 mainstream financial 

institutions which provide no-fee or low-fee, low-opening 

balance savings accounts that allow small savers to 

achieve success; 

Whereas government and non-government entities at the 

local, State and national levels organize America Saves 


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campaigns to encourage individuals to open a savings account, participate in workplace retirement programs, and 

devise a savings plan; 

Whereas according to the 2013 America Saves’ Annual National Survey Assessing Household Savings, 54 percent of 

respondents said they ‘‘have a savings plan with specific 

goals’’, 43 percent said they ‘‘have a spending plan that 

allows you to save enough money to achieve the goals of 

your saving plan’’, 50 percent of those not retired said 

they ‘‘save for retirement at work through a 401(k) or 

other contributory plan’’, and 49 percent know their net 

worth; 

Whereas over 1,000 local, State, and national organizations 

have motivated more than 145,000 people to enroll as 

American Savers; 

Whereas over 2,000 local, State, and national organizations 

have motivated more than 350,000 people to enroll as 

American Savers; and 

Whereas setting a savings goal, making a savings plan, and 

making savings automatic is the primary focus for this 

year’s ‘‘America Saves Week’’, a theme reflected in the 

work of the Financial and Economic Literacy Caucus, 

Federal agencies, non-profits, community-based groups, 

private sector organizations: Now, therefore, be it 

1 Resolved, That the House of Representatives— 

2 (1) recognizes the importance of savings to fi3 nancial security; 

4 (2) supports the goals and ideals of ‘‘America 

5 Saves Week’’; and 


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1 (3) requests that the President issue a procla2 mation calling on the Federal Government, States, 

3 localities, schools, nonprofit organizations, busi4 nesses, other entities, and the people of the United 

5 States to observe the week with appropriate pro6 grams and activities with the goal of increasing the 

7 savings rates for individuals of all ages and walks of 

8 life. 

Æ 


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